DBRS confirms Quebec

DBRS said it confirmed the A (high) long-term debt and R-1 (middle) short-term debt ratings of the Province of Quebec.

The trends are stable.

The agency said that fiscal results remain relatively weak and debt continues rising at a fairly solid pace, but DBRS takes comfort in the determination so far exhibited by the province and in its credible plan developed to restore fiscal soundness. Accordingly, the operating shortfall should be eliminated by 2013-14, DBRS said, although the pace of the province's fiscal recovery will be heavily dependent on the strength of the global economic recovery.

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